Articles Tagged with MML Investors

Stoltmann Law Offices is investigating Wesley Wood, a former Hendersonville, Tennessee-based broker with WFG Investments. The Financial Industry Regulatory Authority (FINRA) accused Wood of reimbursing a customer without informing his member firm, using a personal email address that was not disclosed to the firm, not reporting a customer complaint, and misrepresenting material facts in connection to alternative investments. These are all against securities laws. Wood’s former firm, WFG Investments, can be sued in the FINRA arbitration forum on a contingency fee basis in order to recover investment losses. Please call our Chicago-based securities law firm today to find out how. 312-332-4200. The call is free with no obligation.

According to his online, FINRA BrokerCheck report, Wood was registered with MML Investors Services in Springfield, Massachusetts from April 2005 until September 2005, Investors Capital Corp in Hendersonville, Tennessee from September 2007 until December 2010 and WFG Investments in Hendersonville from December 2010 until May 2016. He has one customer dispute against him and is currently suspended from the industry. He is not registered with any FINRA member brokerage firm.

Stoltmann Law Offices is investigating Timothy Payne, a former registered broker with Wilbanks Securities. Payne was accused of making unsuitable recommendations and “engaging in dishonest and unethical practices.” For this, he was barred from the industry. A broker must only make suitable recommendations to his clients. He must take into account a client’s age, net worth, investment objectives and investment savvy. If he does not, his brokerage firm may be liable for investment losses. Please call our securities law firm today at 312-332-4200 to speak to an attorney for free to discuss your options of bringing legal claim against Wilbanks Securities for not properly supervising him and allowing him to make unsuitable recommendations.

Payne was registered with MML Investors Services, Wilbanks Securities in Oklahoma City, Oklahoma from August 1999 until March 2008, SagePoint Financial, Wilbanks Securities in Oklahoma City from June 2009 until February 2014, Investors Capital and Adirondack Trading Group. He has one customer dispute against him and has been barred from the industry permanently.

Stoltmann Law Offices is investigating Jerry McCutchen, a former financial adviser at Berthel Fisher & Company in Mobile, Alabama. The Financial Industry Regulatory Authority (FINRA) was investigating him because of allegations that he made unsuitable investment recommendations to his customers to invest in alternative investments, including private placements, limited partnerships and real estate investments. These investments can be especially risky for many clients, as they tend to be illiquid. A broker must base his investment recommendation on many factors such as a client’s net worth, age, investment objectives and investment savvy. If he does not, his brokerage firm can be held liable for investment losses because of not being able to reasonably supervise him while he was employed there. The call to our Chicago-based securities law offices is free if you believe you have a claim against Jerry McCutchen and would like to sue his former firm, Berthel Fisher, in the FINRA arbitration forum on a contingency fee basis to recover your financial losses.

McCutchen was registered with Bay City Securities, First Funds Inc., Central Brokerage Services, MML Investors Services, Walnut Street Securities, ProEquities, Commonwealth Equity Services, FSC Securities Corp, Next Financial Group, and Berthel, Fisher & Company in Mobile, Alabama from January 2007 until December 2014. He has 25 customer disputes against him, eight of which are currently pending. He is not licensed and FINRA has permanently barred him from acting as a broker or otherwise associating with firms that sell securities to the public.

Timothy Payne, a former registered broker with Wilbanks Securities, recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Payne was accused of engaging in dishonest and unethical practices in the securities, investment and/or insurance business by the State of Missouri. He was ordered to pay $17,750 in restitution ($10,000 of which is suspended provided he complies with the terms of the Consent Order and the Missouri Securities Act) and a $20,000 civil penalty, which was also suspended. For this, Payne was barred from the industry. Payne was registered with MML Investors Services, Wilbanks Securities in Oklahoma City, Oklahoma from August 1999 until March 2008, Sagepoint Financial, Wilbanks Securities in Oklahoma City from June 2009 until February 2014, Investors Capital and Adirondack Trading Group. He is not currently registered with any member firm and has one customer dispute against him. He is not licensed within the industry. Please call our law offices today to speak to an attorney about your options of suing Wilbanks Securities in the FINRA arbitration forum. The firm may be responsible for investment losses because it did not properly supervise Payne and allowed him to make transgressions. The call to us is free. 312-332-4200.

The Financial Industry Regulatory Authority (FINRA), last week, barred David Joseph Escarcega for allegedly making 12 unsuitable recommendations regarding debt instruments known as debentures linked to the secondary market for life insurance policies. He also allegedly made misleading statements to seven customers. FINRA also fined him $52,270, which was the amount he made in commissions on the sales. He sold debentures issued by CWG Holdings Inc. between March 2012 and January 2013. CWG buys life insurance policies. Most of them sold were put into individual retirement accounts (IRAs). Debentures tend to be high-risk securities which are not suitable for everyone, especially senior clients. A broker must take into account a client’s net worth, age and investment objectives when recommending or selling a security. If he does not, his firm can be liable for investment losses. Escarcega was registered with MML Investors, Pruco Securities, Mony Securities, Lincoln Financial, Chase Investment Services and Center Street Securities in Phoenix, Arizona since March 2010. He has two customer disputes against him.

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